The government will spend Rs 1.08 lakh crore towards fertiliser subsidy for 2023-24 Kharif season to ensure availability of the soil nutrients to farmers at existing prices, Fertiliser Minister Mansukh Mandaviya said after the Cabinet meeting on Wednesday.
The Union Cabinet approved Rs 38,000 crore subsidy for Phosphatic and Potassic (P&K) fertilisers taking the total fertiliser subsidy for the Kharif season (April-September) to Rs 1.08 lakh crore. This includes Rs 70,000 crore of urea subsidy earmarked in the Budget for the Kharif season 2023-24.
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"A total of Rs 1.08 lakh crore will be spent on fertiliser subsidy for the Kharif season (April-September)," he said, and added that there will be no change in the MRP (Maximum Retail Price) of fertilisers.
Currently, the price of urea is Rs 276 per bag and the price of DAP (Diammonium phosphate) is Rs 1,350 per bag.
The subsidy is likely to benefit about 12 crore farmers.